Internet Security Firms Enjoying Sudden Boom

Korea Times (Seoul, Korea), February 14, 2000 | Go to article overview
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Internet Security Firms Enjoying Sudden Boom

By Yang Sung-jin

Staff Reporter

As major U.S. Internet sites suffered humiliating hacking in recent days, Korean security ventures are capitalizing on the new demand for stepped-up online security solutions.

Cyber Patrol Corp., an online security startup, said it would offer solutions at a discount to domestic Internet firms which need protection against hacking and security breaches.

The company said it would secure revenues from the service charge by providing e-security planning, system analysis, security center management and system insurance.

From next month, Cyber Patrol will designate 100 companies in the SOHO (small office/home office), conglomerates and state-run agencies and install firewalls, anti-virus vaccines and intrusion detection systems for free.

Cyber Patrol takes the form of a consortium, putting together Sofrano, a PC program provider, Doosan Construction & Engineering Co., and Panasia General Security Service Co.

Kim Ho-seong, a former CEO of SecureSoft Inc., a leading online security venture, said, ``To carve out a share in the global security market estimated to be worth $10 billion, both online ventures and offline conglomerates should join forces.''

The volume of the domestic online security market, which was set at 35 billion won last year, is expected to reach 100 billion won this year, thanks to heightened awareness of the dangers of hacking.

Other companies are also scrambling into the security solutions market in order not to miss out on the chance to position themselves in the potentially fast-growing business.

Ssangyong Information & Communication, Shinsegae I&C and subsidiaries of major conglomerates are entering the market in concert with foreign solution providers.

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Internet Security Firms Enjoying Sudden Boom


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